deloitte internal audit

deloitte internal audit - Optimizing the Role of Internal...

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1 Optimizing the Role of Internal Audit in the Sarbanes-Oxley Era Second Edition
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Welcome to the 2nd Edition Optimizing the Role of Internal Audit in the Sarbanes-Oxley Era In response to requests for additional guidance, in recognition of the ever-changing business environment, and in light of continual gains in experience and knowledge, Deloitte & Touche LLP is pleased to present this updated whitepaper. The following is a synopsis of new material contained within these pages: The First Years of 404: Lessons Learned page 3 Early efforts to comply with the Sarbanes-Oxley Act—especially section 404—were undeniably difficult. But internal audit functions have advanced sufficiently along the path to benefit from the journey. This section provides a few of the lessons learned. Reconciling Traditional and Contemporary Responsibilities page 5 Long before the advent of Sarbanes-Oxley, internal audit had an important role to play. And nothing that has transpired since that time has changed this mission. How can internal audit balance its traditional work with its new Sarbanes-Oxley-related duties? Look here for a few ideas. Human Resources for Internal Audit page 7 Maintaining the high level of staffing necessary to respond to peak demands such as Sarbanes-Oxley work can be costly; yet most internal audit functions need to deliver on those demands. How can internal audit departments maintain an on-demand, flexible workforce without incurring burdensome fixed costs? Utilizing Internal Audit to Optimize Section 404 Compliance page 7 Internal audit can help management develop a program of sustainable compliance and generate tangible business improvements by focusing on three areas: people, process, and technology. Key Business Relationships page 8 Efforts to spur corporate growth and improve operational efficiency have led to a proliferation of contract-based business arrangements. The beneficial impact of these arrangements can be substantial, of course, but new risks and responsibilities also become important considerations. Leveraging Outside Perspective and Leadership page 9 How can chief audit executives keep their internal audit function at the top of its game? Where should CAEs turn for thought leadership, fresh ideas, and leading internal audit practices? This section provides some answers.
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Table of Contents Overview ................................................................................................ 1 Defining Effectiveness .......................................................................... 1 Organizational Structure ..................................................................... 2 The First Years of 404: Lessons Learned ........................................... 3 Role of Internal Audit in the Sarbanes-Oxley Era ............................. 4 Reconciling Traditional and Contemporary Responsibilities ............. 5 Fraud Detection .................................................................................... 6 Human Resources for Internal Audit
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deloitte internal audit - Optimizing the Role of Internal...

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